(CNBC) -- The Dow Jones Industrial Average and S&P 500 fell for a second straight day on Wednesday as traders once again took profits out of names benefiting from the economy reopening and rotated into mega-cap tech stocks.
The S&P 500 closed 0.5% lower while the Dow slid 282 points, or 1%. The Nasdaq Composite, meanwhile, jumped 0.7% to a record high. Wednesday marked the Nasdaq’s first-ever close above 10,000.
Shares of Amazon and Apple gained more than 1.7% each and hit all-time highs. Alphabet and Netflix rose 0.9% and 0.1%, respectively. Stocks that would benefit from the economy reopening — which have outperformed in recent weeks — fell broadly. American Airlines, United and JetBlue all dropped more than 8%. Wells Fargo slid nearly 9% while Citigroup lost 6.1%. JPMorgan Chase traded 4.1% lower.
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